The Insurance Regulatory Authority found liable for claims against collapsed Insurer.
Update: 2022-06-10
Description
In a landmark judgment, Peter Mwau and another vs Insurance Regulatory Authority and two others, the IRA was found liable to settle the judgments entered against policy holders who had taken out an insurance cover with a collapsed insurance company. The insurance Co failed to settle claims leading to execution and attachment of a policy holder's personal property. The rationale of the Court was that it is double jeopardy for the state to mandate parties to take out insurance covers yet fail to monitor insurance companies to ensure that the consumers of the insurance services receive the same.
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